Morning Briefing: Ridgeline Receives New Historical Data for Selena; Newcore Drill Results for Tokosea
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, June 8th.
Tuesday gold rose steadily starting about 90 minutes before midnight, running from $1838 up to $1858 before settling at $1855. There was just one big downside hiccup that occurred when the Australian Central Bank unexpectedly nudged its overnight lending rate 50 basis points. The hiccup occurred predictably during the pure paper gold trading hours. Silver also experienced a nice run higher, though its move didn't begin until 90 minutes after midnight, when it rose from $21.86 to $22.30 before settling at $22.25. Silver also was subjected to the same paper market hiccup as gold, which took it briefly back below $22. The Mining Stock Journal commented that, right now it is watching silver as the bellwether for the big move higher in the precious metals sector. Tuesday's move back over $22 is a positive indicator, but poor man's gold needs to show that it can hold above $22 and move higher from there. The mining stocks couldn't decide whether to go up or down for most of the morning Tuesday but caught a bid around noon and closed higher, with GDX finishing up almost 1%. The Mining Stock Journal is growing more confident that a bull move is starting. Please note that it reserves the right to change this opinion at any time.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Ridgeline Minerals says they have acquired the historical database for all outstanding surface and drillhole data at the Selena Project from NevGold, operators of the adjacent Limousine Butte project to the north of Selena. The data was acquired in May 2022 and includes an extensive drillhole database of one hundred and four drill holes, many of which overlapped with Ridgeline's existing database. However, six holes drilled in 2010 contained shallow, high-grade silver , gold, lead and zinc drill intercepts at the Company's previously identified Juniper Target, located approximately 1 kilometer south of Ridgeline's original shallow-oxide, Ag-Au discovery. Highlight intercepts from the historical drillholes at Juniper include 0.3 meters ("m") grading 6,667 grams per tonne ("g/t") Ag, 7.7 g/t Au, 1.6% Pb, 0.2% Zn and 1.0 m grading 2,467.2 g/t Ag, 5.1 g/t Au, 1.1% Pb, 1.4% Zn within 7.7m 725.2 g/t Ag, 1.5 g/t Au, 1.3% Pb, 0.9% Zn starting at 15.5 m in core hole LB-072. The company says this addition to their database continues to strengthen the interpretation that Selena is host to a zoned porphyry system with the potential to discover multiple deposit types. Ridgeline trades on the TSXV with RDG and on the OTCQB with RDGMF. News Release
Newcore Gold provided new drill results from the 90,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. First pass Reverse Circulation drilling at the Tokosea Gold Target, completed as part of the inaugural drill program on the grassroot target at Enchi, intersected 1.29 grams per tonne gold over 13.0 metres from 42 m in the oxides, with an additional zone in the upper sulphides intersecting 0.48 g/t Au over 32.0 m from 106 m, including 1.06 g/t Au over 7.0 m from 108 m. Tokosea is a new greenfield discovery at Enchi where first pass drilling has highlighted the strong potential to delineate additional resources across the 216 km2 land package at Enchi. The Tokosea Target is located in the central portion of the Enchi Gold Project and is one of the largest anomalous areas with gold-in-soil and associated geophysical anomalies. First pass drilling at Tokosea focused on testing shallow gold mineralization within the oxides and upper portion of the sulphides, with the target remaining open along strike and at depth and only a small portion of the anomaly tested to date. These results expand this new discovery at Enchi and confirm the potential for resource growth across the Project. Newcore trades on the TSX V with NCAU and on the OTCQX with NCAUF. News Release
Roscan Gold says its initial, pit-constrained Mineral Resource sits at 27.4 million tonnes grading 1.2 g/t Au totaling 1.02 million ounces of gold in the Indicated Category and 5.2 million tonnes grading 1.2 g/t Au totaling 198,000 ounces of gold in the Inferred category at its Kandiole project in Mali. Roscan's maiden pit constrained Mineral Resource includes gold mineralization from six mineral deposits: Mankouke South, Mankouke Central, Kandiole1, Kandiole 2 and 4, Kabaya and Moussala. The company also satiated that 17,890 meters (m) out of the 20,000 m ongoing drilling program have been completed beyond the drilling data included in the MRE. Drilling prioritization to favor areas of immediate upside potential such as the Exploration Target areas at Mankouke South, Kabaya and Kandiole KN1 resource areas, including the oxide and sulphide mineralization, their satellites and extensions. Roscan Gold trades on the TSX V with ROS and on the OTCQB with RCGCF. News Release
CopperCorp has receive results for two drill holes from the Alpine Stellar Zone on the company’s AMC Project in Tasmania. Results included 54.2m of .49% Copper equivalent and 106m of .31% copper equivalent. At the time of reporting, the Company has completed drilling of 13 diamond core holes for a total of 4,387m at the Alpine Stellar zone, with a 13th hole now in progress. The drill program comprises confirmation and infill holes designed to confirm historical copper grades, test continuity and extension of mineralization, and provide geological and structural context to the mineralization. CopperCorp trades on the TSXV with CPER and on the OTCQB with CPCPF. News Release
District Metals provided an update on core drilling at its Tomtebo Property in Sweden. The company says Hole TOM22-038 intersected intermittent disseminated, stringer, and impregnated with lesser semi-massive to massive mineralization over approximately 61.5 m (210.0 to 271.5 m). The significance of this footwall mineralization will be determined by geochemical assay results and with continued step out drilling at depth. Drilling at the Tomtebo Property has been paused until whole rock geochemistry and borehole electromagnetic (BHEM) survey results are utilized to better target the mineralization beneath hole TOM22-038. In the meantime, the drill rigs has been moved to the Gruvberget Property. District Metals trades on the TSX V with DMX. News Release
And finally, Banyan Gold announced a fully subscribed non-brokered private placement of up to $16.5M in gross proceeds. The Company intends to use the net proceeds from the Private Placement to advance its mineral exploration and development projects and for general corporate purposes. The 2022-23 Exploration Programs at the AurMac Property are intended to include in excess of 60,000 metres of diamond drilling, geotechnical drilling, metallurgical test work, and environmental baseline data collection towards a resource update and commencement of a Preliminary Economic Assessment Study for 2023. Banyan trades on the TSXV with BYN and on the OTCQB with BYAGF. News Release
That concludes today’s morning briefing.
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